‘Game changing’ deal sees takeover of life sciences firm

● Synpromics will be part of Askbio and remain headquartered in Midlothian

Edinburgh-based gene therapy specialist Synpromics has been acquired by a Usbased peer in what has been described as a “game changing deal”.

Synpromics will operate as a wholly owned subsidiary of Askbio and remain headquartered in the Scottish capital.

North Carolina-headquartered Askbio said the deal would significantly expand its gene therapy technology portfolio.

The Scottish firm, which was founded in 2010 by Michael Roberts and is based at the £30-million Roslin Innovation Centre, is seen as one of the leaders in the gene therapy field and a bright hope for the country’s life sciences sector. It employs about 40 people.

David Venables, who will remain as chief executive of Synpromics, said: “The significant possibilities that our two companies represent for the advancement of gene therapy cannot be overstated.

“Aligning the scientific expertise of our company with the unparalleled vision of [Askbio co-founder] Jude Samulski and Askbio’s adenoassociated virus (AAV) platform technology can transform the quality, efficacy and safety of gene therapy vectors, ultimately allowing for a wider scope of diseases treatable by AAV therapeutics.”

Financial terms have not been disclosed.

Fund manager Calculus Capital, which first invested in Synpromics in 2015 and has pumped £5.6m into the company in total, will receive a return on investment that “significantly” exceeds target returns.

John Glencross, chief executive of Calculus Capital, said: “While the financial terms of the acquisition are undisclosed, the deal will give Calculus investors an impressive return multiple on their investment.

“We are proud to deliver such an exceptional level of performance within four years. The deal is further enhanced by the potential to benefit from future licensing fees on the company’s existing portfolio of licences.”

Askbio was founded by Samulski, the first scientist to clone AAV, along with Xiao Xiao, who was the first to develop a miniaturised dystrophin gene enabling the advancement of gene therapy for Duchenne muscular dystrophy – a severe muscle condition affecting young children – and Sheila Mikhail, the firm’s chief executive.

Mikhail said: “For some time, the field has understood that the three essential components for advancing successful AAV gene therapy has centred around production, capsids and promoters. Today Askbio has added the last critical component to our tool chest.

“There is no doubt in my mind that the shared value of Askbio’s and Synpromics’ technologies marks a major step forward in the evolution of AAV gene therapy.”

Last year, Synpromics’ boss Venables collected the “disruptor” award at the prestigious EY Entrepreneur Of The Year event.